Dogecoin hit a new peak last week before dipping down over the weekend, so questions remain about whether it’s still a worthy investment.
What happened to Dogecoin?
Dogecoin had a rise in popularity over the last week as investors waited to see Tesla CEO Elon Musk’s appearance on “Saturday Night Live.” Musk hinted several times he might make a joke about Dogecoin, which could raise its value.
Instead, investors dropped out of the Dogecoin hype, selling their holdings and leading the price of a single dogecoin to drop, hurting the overall value.
Should you buy Dogecoin right now?
Yahoo! Finance suggests you should only invest if you’re willing to deal with a volatile market that doesn’t really have stability. Yes, Dogecoin looks like the hot new thing, but that doesn’t mean Dogecoin is going to survive for the long haul.
- “While it has gained incredible traction lately as well as celebrity endorsements, including Mark Cuban and Snoop Dogg, just like any other crypto, it’s extremely volatile. If you’re planning on investing in it, you should be ready to stomach wild swings,” according to Yahoo! Finance.
What other cryptocurrencies are on the rise?
There’s also a hunt out for the next great cryptocurrency that could spur heavy interest, so Dogecoin might soon be old news.
- For example, the cryptocurrency Safemoon is worth $0.000007, meaning it has huge room to grow in value if more people invest, per Yahoo! Finance.
- There’s also the Shiba Inu — or “SHIB” for short — cryptocurrency, which is a spinoff of the Dogecoin cryptocurrency, as I explained for the Deseret News. That cryptocurrency is worth about $0.00003212. Binance, which allows people to buy and trade cryptocurrency, said the coin “is an experiment in decentralized community building and another meme coin similar to Dogecoin.”